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NNPC to Reorganise Operational Model of 52 Medical Centres, Hospitals

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NNPC - Investors King
  • NNPC to Reorganise Operational Model of 52 Medical Centres, Hospitals

The Nigerian National Petroleum Corporation (NNPC) has said it would restructure the operational model of 52 of its medical centres and hospitals across the country to enable them offer paid medical services to third-party beneficiaries.

The corporation said the measure would boost its commitment to expand the offerings of these hospitals in the country’s health sector in line with its attention to profitability in its new business focus.

Inaugurating the board members of the NNPC Medical Services Ltd (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd in Abuja, the Group Managing Director of the corporation, Dr. Maikanti Baru explained that the recent restructuring of the NNPC meant that its group medical services should form a new venture non-core business entity charged with the responsibility of creating new medical businesses that will generate revenue for the NNPC.

He stated that the corporation’s medical services division has about 52 clinics and hospitals spread across NNPC’s various locations in the country.

According to him, these 52 medical facilities provided medical services only to staff of the corporation and their family members.

He, however, stated that the aim now was to open them up to other oil and gas organisations as well as other interested third party consumers for profitability.

“My vision is to make NNPC a renowned health medical services provider globally. In the nearby future, we are committed to making our medical facilities a reference point for the provision of world-class health medical services in Africa and beyond,” Baru said.

He also charged the new board to provide the necessary direction to raise the standards and offerings of these medical centres.

“It is going to be a new terrain for all of you. You must take advantage of the latest and most efficient technological advancement in healthcare service delivery,” he added.

He also urged the boards to set NNPC’s medical services apart from other operators in the health care industry, as well as collaborate with the best partners to upgrade and stay up in the industry.

Baru further charged the two boards to work with synergy, and avoid possible instances that would demand they compromise on their services and respective independence.

“Your job comes with a lot of responsibility and you must prove yourselves on this critical assignment,” he added.

The statement which was signed by the corporation’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu, also quoted the Chief Operating Officer, Ventures of the NNPC, Dr. Babatunde Adeniran, to have said that with this development, the NNPC would be taking advantage of the new opportunities in the nation’s health sector.

Adeniran, who is also the chairman of the board of the two organisations, stated: “With this development, the existing NNPC hospitals will compete for clients with other top class hospitals in locations where they operate hence quality of service would be improved.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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